Atlantic City, NJ
Commonwealth Capital, a direct private lending firm, funded a $500,000 Bridge Loan for a real estate investor based in Nassau County, NY. The funds were used to acquire a hotel property in Atlantic City, NJ. For additional collateral, the borrower pledged two single family residences in Nassau County which had a considerable amount of equity. With cross-collateralizing the additional properties, the combined loan-to-value was just 39%, resulting in lower risk for us. Commonwealth was able to complete the transaction quickly. The loan term is 1 year with interest-only payments. The borrower plans to refinance within 1 year to pay off our loan. This commercial property loan was funded in October 2020.